How is Hike Wallet different from Paytm and Oxigen
Hike Wallet is built within the messaging app and can be used to make bank-to-bank payments to anyone using UPI
Hike Messenger has been trying new things to make its presence felt in the messaging ecosystem, currently dominated by the likes of WhatsApp and Facebook Messenger. The latest addition to the Hike’s inventory is a mobile payment tool called Hike wallet. It is built within the Hike Messenger application, and is not a separate app on the lines of Paytm or Oxigen wallet. To access the new wallet, users will have to upgrade the Hike app to version 5.0, which is currently being rolled out in phases on both Android and iOS.
The biggest highlight of the Hike Wallet is that it supports UPI (Unified Payments Interface) based payments, which means users can send and receive up to Rs1 lakh directly into the bank account without sharing their credit/debit card or net banking credentials on Hike. UPI is a free service and can be used by anyone with a bank account and a UPI ID. What makes it more interesting is that users can send money through UPI to anyone and not just Hike users. Paytm allows users to add money to the Paytm wallet using UPI, but it doesn’t allow users to send money directly into the bank account, yet. Paytm is expected to add UPI-based payment in its payments bank services in the next couple of months. Here users can deposit up to Rs1 lakh in a savings account. But to access it they need to request for an invite and then register with their Aadhaar and PAN card details. Oxigen wallet doesn’t support UPI-based payments either.
For non-UPI users, Hike wallet allows transactions up to Rs20,000 in a month. The maximum cap per transaction is Rs5,000. However, you can’t use this money as extensively as the Paytm wallet which allows users to shop on its ecommerce store, book movie tickets on BookMyShow or a cab via Uber using the money in the wallet. As of now, the Hike wallet allows users to recharge their prepaid and postpaid connections only. But the company is working on bringing more recharge options through tie-ups by the end of the year.
With Paytm and Oxigen wallets, users can do a lot more such as recharge their mobile connection, DTH service and broadband connection. Paytm also allows users to pay at any retail store by scanning the QR code linked to the store owner’s Paytm account. In Paytm and Oxigen wallets users can add and spend up to Rs20,000 a month and up to Rs1 lakh after furnishing know-your-customer documents.
To secure every transaction inside the wallet, Hike is using a 128-bit SSL encryption technology, which uses a 128-bit key to encrypt and decrypt all communication on the wallet. Both Paytm and Oxigen are using the same encryption technology in their apps.
Hike wallet offers some advantages over the Paytm and Oxigen wallet, but it works within the Hike Messenger. The wallet is a handy tool for sending and receiving money from friends and will help the messenger gain more traction in the market.